![]()
- States Reach $25 Billion Mortgage Deal With Banks
- China January Inflation at 3-Month High of 4.5%
- Greek Party Leaders Fail to Sign Off on Bailout
- Diamond Foods Puts CEO, CFO on Leave; Stock Plunges
- Cisco Beats Earnings Expectations, Raises Dividend
- Groupon Posts Positive Revenue, Misses on Earnings
- 12 Unique Dating Sites
- Washington Lawmakers Pass Gay Marriage Bill
- Visa Earnings Top Forecasts as Credit-Card Use Climbs
MOST SHARED
- California, New York to Join US Mortgage Deal
- Groupon Posts Positive Revenue, Misses on Earnings
- Perrigo CEO on Earnings Beat
- Lightning Round: Pep Boys, Covidien, Goldman Sachs and More
- Diamond Foods Puts CEO, CFO on Leave; Stock Plunges
- Washington Lawmakers Pass Gay Marriage Bill
- Wyndham CEO Talks Earnings
- Buffalo Wild Wings Delivers Blazing Hot Quarter
- Santorum's Sweep & the GOP Race
- Has Big Government Gone Wild?
MOST POPULAR
HOT ON FACEBOOK
Icahn May Launch Proxy Fight with Yahoo
CNBC Anchor and Reporter
Billionaire investor Carl Icahn is considering launching a proxy fight at Yahoo, according to people who have spoken with Icahn.
![]() |
Shiho Fukada / AP Carl Icahn |
Late last week, Icahn began building a significant position in Yahoo that may be as much as 50 million shares, these sources said.
Yahoo [YHOO
Loading...
()
] shares were recently trading higher.
Although other activist investors had considered mounting a fight to replace all of Yahoo's board, they stood down from that effort when they were unable to get any sense from Microsoft [MSFT
Loading...
()
] that it would support them.
Earlier this month, Microsoft
Icahn also has been unable to get a confirmation that Microsoft will return to the negotiating table should all or part of Yahoo's board be replaced, but unlike other investors, Icahn may choose to forge ahead anyway.
If he does, he seems likely to run a so-called short slate of directors, targeting perhaps three or four of Yahoo's ten board seats.
It would be a risky strategy especially because beyond a deal to sell out to Microsoft, there don't appear to be too many levers to pull in order to create near-term shareholder value.
If Icahn were to win those three or four board seats - as would seem highly likely given investor disenchantment with Yahoo's board - chances are good he could force a deal with Microsoft, if the company is willing.
Icahn has employed a similar strategy in the past. His pressure helped to bring Oracle back to a deal with BEA Systems.
If Icahn wishes to pursue this strategy he will need to act fast as the deadline for a proxy fight is this Thursday.
Meanwhile, Vocal Yahoo dissident shareholder Eric Jackson has decided not to run a competing slate of directors to replace Yahoo's board.









